Market Research Of Global Next Generation Data Storage Market By Knowledge Sourcing Intelligence
Market Overview
The next generation data storage
market was valued at US$30.013 billion in 2017 and is projected to expand at a
CAGR of 21.30% over the forecast period to reach US$95.595 billion by
2023. A data storage device is any computing resource that facilitates
storing, porting, and extraction of data files and objects. With huge
amount of data being generated year over year by a number of industries such as
retail, government, BFSI, healthcare, and etc., the demand for more efficient
and cost-effective data storage solutions is increasing.
Increased focus on data analytics and advances in computing capabilities are the major drivers that are driving the next generation data storage market growth. Booming technologies such as big data, Cloud, Internet of Things (IoT) are boosting the demand for high capacity data storage devices and solutions.Market Research is done by knowledge sourcing industry due to huge scope with respective industry.
Increased focus on data analytics and advances in computing capabilities are the major drivers that are driving the next generation data storage market growth. Booming technologies such as big data, Cloud, Internet of Things (IoT) are boosting the demand for high capacity data storage devices and solutions.Market Research is done by knowledge sourcing industry due to huge scope with respective industry.
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| Sample view of global next generation data storage market share |
Reasearch
and Development Activities for Global Next Generation Data Storage
With increasing dependency of industries
on data and analytics, the existing data storage devices are reaching their
limit. As a result of which, a number of research and development
activities are taking place so as to develop new solutions to store
data that saves energy and space. For instance, scientists from RMIT
University in Australia have built a new nano-device that will act as the
platform for next-generation nanoscale memory devices that are highly-stable
and reliable. The new nanoscale device will allow computers to store significantly
more by mimicking human brain. Similarly, a team from the U.S department of
Energy’s SLAC National Accelerator Laboratory is researching for
producing next generation magnetic storage devices.
Global Next
Generation Data Storage
Market by End User
By end user, next
generation data storage market is segmented as retail, government,
communication, manufacturing, BFSI, healthcare and others. Communication and
retail industries hold a significantly large share in this market on account of
increasing need to efficiently store and analyze huge volumes of data generated
every day. Government industry also holds a good share in this market as the
governments around the globe are spending substantial amounts into improving
their data storage infrastructure in order to facilitate better storage and
analysis of huge volumes of classified data. The growth of this market in other
industries is also anticipated to be solid over the projected period as new
technologies of data storage continue to find their way into the market as
result of huge investments by key players into research and development.
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The market for next generation data
storage in communication industry was valued at US$XX.XX billion in 2017 and is
expected to grow at a CAGR of XX.XX% over the forecast period to reach a
total market size of US$XX.XX billion in 2023. Rapid growth of this industry is
fueling the generation of huge volume of data every day thus increasing
the need among the industry players to shift towards next generation data storage
solutions. Some of the key players in this industry hold immense volumes
of data which cannot be handled by traditional storage solutions. Facebook, for
instance, is a California based social media and social networking service
giant which, in 2012, revealed that back then, its system used to
process nearly 2.5 billion pieces of content every day while scanning
nearly 105 terabytes of data every half hour.
The tech giant had around 100
petabytes of data in a single Hadoop disk cluster and the company, in the same
year announced the launch of “Project Prism” to analyze big data. That was a
next-generation of data storage for that time. The next generation data storage
market has been showing a rapid growth as new storage technologies have
continued to gain traction in the market. Growing competition in this industry
has been leading to the growing need among the industry players, especially
those who use consumer data for their business growth, to adopt next generation
technologies for storage of big data, thus boosting the market growth.
Huge
investments streaming into expansion of data storage capacity by the industry
players is also shaping the growth of this market. For instance, Range
International Information Group, is building its new 6.3 million square foot
facility in Langfang, China, which the company plans to use as its IT
infrastructure platform in the n the Hebei Langfang
Economic Development Zone. As such investments continue to stream into
this industry, adoption of next generation data storage technologies is
expected to grow throughout the projected period, thus augmenting the market
growth.
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